Bitcoin is approaching the $93,000 mark as long-term holders accumulate funds, who have bought 75,000 BTC in the last 10 days.
40,000 were added to wallets in just one day, from December 9th to 10th.
At the moment, about 315,000 bitcoins are stored in accumulative wallets. With the exception of exchanges, miners, and smart contracts, all of them have certain characteristics, such as no outgoing transactions, frequent receipts of funds, a minimum balance threshold, and activity for at least 7 years.
CryptoOnchain pointed to an unusual divergence in activity on Binance. On December 3, the 30-day estimated moving average for Bitcoin withdrawals reached 3,100 transactions, the highest since May 2018. At the same time, the number of deposits decreased to about 320 transactions, which is the lowest since 2017.
This model indicates a reduction in supply, a situation where coins are being withdrawn from exchanges for self-storage, while fewer and fewer traders are sending BTC for sale or profit-taking. Historically, such situations often occur before major bullish rallies.
After returning to the $90,000 area, bitcoin is moving in the middle of the Bollinger bands. Candles continue to trade below the upper band. This indicates that although the market is trying to recover, it has not yet gained full strength.
On the moving averages chart, bitcoin is trading above the 10-day and 20-day moving averages, while the 50-day, 100-day and 200-day moving averages remain above the current price, indicating a continuation of the uptrend.